Tuesday, 20 October 2020 05:24

OPEC: Oil will plateau in 2045

The organization of the petroleum exporting countries (OPEC) has admitted that global oil consumption will not continue to grow forever and this looks like the final chord of the long-term prospects for oil, MEED GlobalData reports.

According to OPEC estimates, global demand will continue to grow until 2040, when it will peak at 109.3 million barrels per day in and reach a plateau at 109.1 million barrels per day in 2045.

Despite this, OPEC's demand forecasts remain much more optimistic about long-term oil demand than the IEA and BP forecasts. However, for the oil-producing bloc, which together with its partners in the Russian-led alliance controls more than half of the world's oil production, the recognition that global oil demand is about to plateau means a significant change in position.

 

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